Investor Presentaiton
Metal Market
2023
2024
Global (kt)
K
Zinc
Mine Production
13,080
13,662
Refined Production
13,855
14,520
Consumption
13,794
14,309
Concentrate Market Balance
205
239
Metal Market Balance
61
211
Price
Cash LME Price ($/t)
3,312
3,275
2023
2024
Global (kt)
LEAD
Lead
Mine Production
Refined Production
4,414
4,531
13,789
13,957
Consumption
13,803
13,929
Concentrate Balance
11
86
Refined Market Balance
-14
28
Price
Cash LME Price ($/t)
2,200
2,200
Silver
1102
* Source: Wood Mackenzie March, Fastmarkets, Korea zinc
"
Benchmark TC for zinc settled at $274/t, reaching second highest level since
2008
Total exchange stocks remain low at 136kt, equivalent of just four days of
consumption, providing fundamental support to the zinc price
(LME 39kt, SHFE 97kt)
SHFE stocks fall from 124kt in early March to 97kt due to good demand and
potential under performance of smelters in Yunnan owing to power disruptions
"
Stocks at the end of March remain low at 26.4kt for LME (35kt in Dec 2022)
and 37.5kt for SHFE (55kt in Dec 2022)
Global consumption is forecast to grow by 2.8% in 2023 with improved
automotive supply chains driving global lead demand
Globally, automotive sales were higher in Feb YoY while China volumes fell
Combined volume of lead and silver concentrates imported in Jan-Feb rose
by 41% YoY with both concentrates import volume increasing, deviating from
usual trend of increase in one being offset by decrease of the other
TC for high silver concentrates remain low with figures as low as $30/t in
March
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